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2018 (12) TMI 1590 - ITAT MUMBAIPenalty levied u/s 271(1)(c) - disallowance of pre-operative expenses - Held that:- In the case of Reliance Petroproducts (P.) Ltd. [2010 (3) TMI 80 - SUPREME COURT] it is held that merely because the assessee had claimed expenditure, which claim was not accepted or was not acceptable to revenue, that by itself would not attract penalty under section 271(1)(c) of the Act. In the instant case, as mentioned earlier at para 7, the assessee has disclosed the facts. There is no dispute about it. It has been delineated by the AO in para 5.1, 5.2, 5.3 and 5.4 in the assessment order dated 14.03.2015. The only issue is the treatment given by the AO to the claim of the assessee. We are of the considered view that the ratio laid down in Reliance Petroproducts (P.) Ltd. (supra) squarely applies to the present case. Following the above decision, we uphold the order of the Ld. CIT(A). - decided against revenue
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